Summary
The Bank of New York Mellon Corporation (BK) filed an 8-K report on October 31, 2016, to announce the issuance of new debt securities. Specifically, the company issued $750 million in Floating Rate Senior Medium-Term Notes Series I due 2023 and $500 million in 3.000% Senior Subordinated Medium-Term Notes Series J due 2028, totaling $1.25 billion in aggregate principal amount. This debt issuance, registered under the Securities Act of 1933, indicates the company's strategy to raise capital. Investors should note the terms of these notes, including the floating rate for the 7-year notes and the fixed 3.000% coupon for the 8-year subordinated notes, as these will impact BK's future interest expense and financial leverage. The filing also includes exhibits such as the form of the 7-year Senior Notes and a legal opinion related to the issuance.
Key Highlights
- 1BK issued $750 million in Floating Rate Senior Medium-Term Notes due 2023.
- 2BK issued $500 million in 3.000% Senior Subordinated Medium-Term Notes due 2028.
- 3Total aggregate principal amount of debt issued is $1.25 billion.
- 4The debt issuance was registered under the Securities Act of 1933.
- 5The filing includes the form of the 7-year Senior Notes as an exhibit.
- 6A legal opinion regarding the legality of the Notes is also filed as an exhibit.